Chainlink Trading Sideways for Over 15 Months- Is It Still A Good Investment Option?
The crypto markets are volatile and tend to display extreme price variation or no variation at all. While the other tokens are trying hard to gain the trader’s attention by displaying variation, Chainlink’s price continues to remain calm and steady. This sluggish behaviour has been prevailing for more than 400 days now, but the token can still be considered a good investment option.
Yes, you read it right!
As mentioned earlier, the LINK price has been undergoing an extended compression for over 15 months now. This phase may have annoyed the traders, but the whales are smelting huge potential for LINK’s price in the near future. For this reason, they have recorded their highest accumulation since December 2022. As per the data from Santiment, more than 3000 wallets now hold tokens ranging from 10,000 to 100,000.
The Chainlink’s shark tier holds between 10K and 100K within nearly 3,127 wallets, a rapid rise of 3.2% since September. After accumulating $9.6 million in the past 3 days, they now hold nearly 0.154% of the entire circulating supply. Therefore, it could be considered a bullish signal as market sentiments may flip considering the sharks and whales’ optimism for Chainlink’s future. On the other hand, it may also be a warning bell, as they hold a major dominance that may be well utilized at the right time.
However, one of the prominent analysts, Michael van de Poppe, still believes that it could be a good opportunity to buy LINK and mentions appropriate reasons. He believes the CCIP, or Chainlink’s Cross-Chain Interoperability Protocol, could play a vital role in gaining back the lost glory. The analyst believes the upcoming rally could be huge, as the previous ATH was reached without CCIP.
Therefore, now that the sharks are actively trading on Chainlink, market participants may utilize the scenario and draw significant profits by dealing at the right time.